PetroChina Posts 5% Fall in Q1 Profit, Beats Forecast

Reuters

HONG KONG, April 24 (Reuters) – PetroChina, China's biggest oil and gas producer, reported a 5 percent fall in first-quarter profit but beat forecasts as a decline in international crude prices was offset by a strong recovery in refining and fuel retailing business.

Net profit reached 34.2 billion yuan ($5.48 billion) in the January-to-March quarter versus 36.0 billion yuan a year earlier, the Beijing-based company said on Thursday. The figures were calculated using international accounting standards.

The earnings compared with an average forecast of 30.3 billion yuan by three analysts surveyed by Thomson Reuters.

PetroChina said last month it would cut capital spending for the second consecutive year in 2014 as it sought to boost shareholder returns in the midst of a massive corruption probe.

($1 = 6.2376 Chinese yuan)

(Reporting by Charlie Zhu; Editing by Miral Fahmy and Muralikumar Anantharaman)

Copyright 2016 Thomson Reuters. Click for Restrictions.

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE



Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Senior Accountant
Expertise: Accounting
Location: Houston, TX
 
Functional Consultant Job
Expertise: IT - Analysis & Management|IT - Software Development|Project Management
Location: Denver, CO
 
Project Accountant
Expertise: Accounting
Location: Kennesaw, GA
 
search for more jobs

Brent Crude Oil : $54.94/BBL 0.88%
Light Crude Oil : $51.79/BBL 0.21%
Natural Gas : $3.65/MMBtu 6.10%
Updated in last 24 hours